What does half a million dollars buy you in one of Hollywood's trendiest neighborhoods? Not much, is the answer.

A petite property with one bedroom and one bathroom has been put on the market in California for a whopping $449,000.

At 480 square feet, the 1920s bungalow in Los Angeles comes with a bedroom, kitchen, living room and office, all flooded with 'abundant natural light' according to the broker.

Picture perfect: The tiny home, close to Los Feliz viilage in LA, is small but perfectly formed

Petite: The little home boasts one bedroom and one bathroom... for $449,000

Fresh style: The home is minimally decorated with a nod to its Hollywood locale with a picture of Charlie Chaplin

Airy: Despite being snug, the property is flooded with natural light

There is also a kitschy, postage-stamp-sized garden. However the pictures, taken by photographer Charmaine David, show off the little home's dainty charms along with its minimalist decor and off-beat artwork.

The kitchen is decked out in patriotic blue, white and red while decorations include a Charlie Chaplin painting and bizarrely, a Jane Fonda workout book.

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The interior of the home maximizes its shortage on space with built-in storage, shelving units and sliding doors.

The exorbitant price of the tiny home -
which works out at $935 a square foot - could be to do with the home's
desirable location.

The
house is a stone's throw from Los Feliz village which is teeming with bars
and restaurants.

The neighborhood is popular with the Hollywood A-list including January
Jones, exes Kristen Stewart and Robert Pattinson and the Kardashians.

Comedian and Scream star Jamie Kennedy put his bachelor pad in Los Feliz on the market for $1.9million last summer which boasts 2,400 sq ft house and a pool.

Star Trek actor Chris Pine has a $3million 2,000 square foot-compound in the area while Kristen Stewart bought a ranch-style property for $2.2million.

Red, white and blue: The kitchen decor is kept simple but patriotic in tone

California living: The breezy tone of the decorations makes it a relaxed setting

Spick and span: The clean lines of the kitchen make the most of the small space... and comes with a Jane Fonda workout book

Putting the celebrity factor aside, high-end estate agents warned in a recent report that exclusive neighborhoods across the U.S. are suffering a housing shortage.

According to figures from real estate firm Altos Research, a scarcity of housing inventory is especially prevalent in some of America’s wealthiest ZIP codes.

Across the country’s 90 richest ZIP codes stock has fallen 15 per cent year-over-year, but in the very richest ZIP codes inventory has dropped more than 50 per cent year-over-year.

In Carmel, California inventory of homes priced over $1 million drop 76 per cent. The California market, especially areas like Carmel and Pebble Beach, have seen a rush of buyers from Silicon Valley, Europe and Asia.

‘We are seeing an influx of luxury second home buyers coming into the market including venture capitalists, tech money, oil and gas, developers and CEO's,’ said Tim Allen, of Tim Allen Properties in Pebble Beach, told CNBC.

Lavish: The half a million-dollar property has a rather ornate bathroom

Working from home: The property even has room for a home office

Welcome in! The property, close to Los Feliz village in Hollywood, has a beachy vibe

Hideaway: The bedroom is tucked behind a screen door from the en-suite bathroom

Compact: Designers have made the best of the space with innovative storage

Having friends over? The home does have back yard space for informal gatherings

Make yourself at home: Quirky seats surrounded an outdoor fireplace

Home sweet home: The little house is shown off with the use of kitschy decor